China’s machinery exports seen slowing down?

Asia Bizz: China, the second largest economy in the world is witnessing a slow down in its machinery exports around the world, and it is predicted to go down even more during the next five year plan. The reason behind this is the appreciation of Yuan and the rising costs of the equipments and raw materials.

The country’s authorities state that they will look to make substantial growth in the low and mid range machinery, as there have already made strong progress in high end technology. Exports of machinery from the country was around $258.5 billion in the year 2010 and imports were around $255 billion a 41% rise compared to 2009.

In the last five-year plan, the average of machinery exports was around 20% and this was fine, but lately the number was getting lesser. China has said that it is not alarmed with these figures rather it will keep working on the growth of the country and import/export will balance out respectively.